Exactly. A standard is a voluntary instrument. We accredit organizations that will bring together people from industry into a technical committee: regulators, consumers, academics. They will ascertain if a new document is needed to support a new product, and then we'll publish this document.
Once it's published, if regulators then decide there are health and safety issues with a particular product, they may decide to use the standard and incorporate it by reference in their regulations to specify these other types of things that the regulatee needs to do to comply with the intent of the regulation.